PSU shares slump up to 8% as investors book profit, track LS poll results

Shares of state owned companies fell on the BSE in Tuesday’s early trades. The BSE CPSE index was down by 8.3 per cent at 4,025 levels. 

This comes after the early trends showed a tight fight between the BJP led NDA and INC led INDIA Alliance, contrary to the verdict of exit polls. 

As of 09:41 AM; NDA was leading on 284 seats and the INDIA Alliance was ahead on 223 seats, while others were on top of 26 seats. 

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Post the early trends, investors resorted to profit booking after a heavy buyout a day before, where the bourses hit record highs. SJVN fell 9.19 per cent, GAIL, 7.28 per cent, Ircon 7.23 per cent and Bharat Dynamics by 7.15 per cent in the intra day deals on the BSE.

Other PSU stocks also fell in line, with BEML Land Assets, Cochin Shipyard, NTPC, SAIL, NHPC, NBCC, NLC India and IRFC falling between 6-7 per each.

The broader indices also fell in the red zone with the SmallCap index falling 3.18 per cent, while the MidCap slipped 3.49 per cent in early intraday trade.

Contrary to the early trends, a dozen exit polls conducted by various agencies and media organisations gave the NDA anywhere between 316 and 400 seats.

The exit poll results were published on Saturday after the final phase of the seven-phase elections, which had begun on April 19, concluded.

At 09:41 AM; the CPSE index was trading 6.16 per cent lower at 4,122 levels. In comparison, the S&P BSE Sensex was down 2.92 per cent at 74949 levels.